Mr. Simon Carswell:

It was so profitable because the property market was rising and they wanted to get the money out as quickly as possible. In some instances and some financial institutions the paperwork was done afterwards, at the same time the money was given. All of the verification checks to make sure the customer was good for it were made as the loan was given. Again, it goes back to the very close relationship between some of the banks and the borrowers. The banks knew them so well that it was felt there was no issue and no worry about getting the paperwork done. The key was getting the money out as quickly as possible. Many rival developers were bidding for the same land and each developer may have been backed by a different bank. It was the competitive race to buy the land which drove this process.